Ripple Lawsuit: SEC Files Interlocutory Appeal, Bill Morgan Provides Clarity
The Securities and Exchange Commission (SEC) has filed an “interlocutory appeal” against a judge’s ruling on Ripple’s programmatic sales of XRP. While other aspects of the SEC’s case move forward to trial, the SEC is seeking permission to appeal a specific portion of the decision. This has sparked speculation within the XRP community about the implications for the future of XRP. Lawyer and crypto influencer Bill Morgan has provided analysis and clarification on the matter.
Morgan’s Analysis of the SEC’s Appeal and Judge Torres’ Ruling
According to Bill Morgan, there is little chance that the judge’s view that XRP isn’t a security will be changed. The focus of the appeal is not on this aspect, regardless of the hopes of critics of Judge Torres. Morgan highlights that the legal analysis regarding XRP’s security status, found on pages 14-15 of Judge Torres’ decision, is not necessary for the conclusion that Ripple’s programmatic sales of XRP were not investment contracts.
While the judge determined that XRP itself isn’t a security, her rulings on different sales categories identified by the SEC were flexible. Her decision on XRP’s nature wasn’t directly tied to the outcome of the sales categories. Morgan suggests that excluding Part A from pages 14-15 wouldn’t affect the coherence of the decision, as it appears to be a digression.
Morgan’s Insights on Aspects Unlikely to Be Reconsidered in Appeal
Morgan points out that the reasoning on pages 14-15, considered obiter, wasn’t essential to the conclusions on institutional and non-institutional sales being investment contracts. Therefore, it won’t be a key part of the necessary legal rationale for those conclusions. This aspect is unlikely to be reconsidered in the appeal against the judge’s findings on programmatic sales and other non-institutional sales.
Hot Take: The Impact of SEC’s Appeal on Ripple Lawsuit
Bill Morgan’s analysis brings clarity to the potential impact of the SEC’s interlocutory appeal on the Ripple lawsuit. While the appeal focuses on a specific portion of the judge’s ruling, it is unlikely to change the determination that XRP itself is not a security. As the appeal unfolds, the community’s discussion on the future of XRP continues.
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